4 Priorities in Building Insurance Data Governance initiatives
Traditional insurance data governance initiatives frequently fall short of expectations because they focus too heavily on policies, compliance, and enforcement. That can lead to a disconnect between business users, the data governance team, and executive management. A truly successful data governance process is built on four key priorities that put business value in perspective, creating […]
Operationalizing Risk Data for Insurance
The use of location data has long been part of insurance technology trends. It touches on virtually every aspect of the business, starting with risk assessment and underwriting and extending to claims management, fraud detection, and new customer acquisition. Today, businesses have access to more location-based data than ever, including satellite imagery, mobility data from […]
6 Industries That Stick with Mainframes and Why They Do
What do 96 of the world’s 100 largest banks, 90% of the largest insurance companies, 92% of the largest retailers in the United States, and 71% of the Fortune 500 have in common? They all continue to depend on mainframes for their most business-critical processing. Despite a drumbeat of tech punditry that for years has […]
4 Ways Property Graph Simplifies Property Data Enrichment
When a property is central to business decisions, data enrichment becomes critical to success by providing a 360-degree view of the factors that influence those decisions. The reality is, most businesses have limited property data in-house, often just an address, which means they depend on third-party data providers like Precisely to fill in the gaps. […]
Insurance Technology Trends
Without a doubt, the insurance industry is driven by data. Even before the rise of personal computers, the Internet, and widely available analytical tools, insurers relied heavily on insurance technology and statistical analysis to assess risk and price policies accordingly. Today, insurers have access to more data than ever before. This is a double-edged sword; […]
Environmental Threats Shape Risk Management in Insurance
In 2020, for the first time, the World Economic Forum in Davos (Switzerland) defined in its Global Risk Report 2020 that of the risks identified in this report, environmental risks are now considered significant global concerns. This forum brings together many world leaders who are committed to identifying major problems and risks to be addressed […]
The Risk Next Door: A New School Approach to Co-Tenant and Adjacent Management in Insurance Risk
The term neighbor usually evokes pleasant thoughts like a young family playing in a sprinkler or the elderly couple who still walks a freshly baked apple pie through the back yard in the fall. Within the insurance industry, however, a neighbor can be one of the biggest challenges when considering co-tenant and adjacent risk management […]
3 Benefits of Layering Datasets for Complex Insights
Modern data analytics tools make it possible to apply context to data in a myriad of distinct ways. Historically, data analysts have aggregated consumers into broadly defined groups. Nielsen Media Research, for example, provides rating information for people from the ages of 13 to 17, 18 to 24, 25 to 34, and so on. This […]
Data Enrichment Examples: Driving Better Business Results for Retail, Insurance, Telecommunications, Real Estate and More
You might have vast amounts of data, but how complete is it? Complete data gives you a fuller picture of your business. Moreover, having complete data helps you make truly informed business decisions, thereby helping to ensure better results. How do you achieve complete data? The answer lies in data enrichment. “Data enrichment” means that […]